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Midday Update

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Midday Update

·         The equity markets have surged higher this morning, along with strength in the dollar, following steps taken in China to stimulate its economy.

·         Export shipments for the week ending April 16 totaled 42.1 million bushels of corn (strong), 8.6 million bushels of grain sorghum (strong), 5.4 million bushels of soybeans (weak) and 20.7 million bushels of wheat (good).

·         Corn futures remain 2 cents lower, despite strong export shipments, on a perception that exports will struggle overall at current price levels and as ethanol demand for corn softens.

·         Soybeans are up 11 cents on the news of Chinese stimulus and this week’s anticipated truckers strike in Brazil. Soymeal is up $4 per ton.

·         Wheat is up 3 cents in Chicago and Minneapolis and up 1-cent in KC on a technical bounce and some bargain buying by millers and other end users at current price levels.

·         Live cattle futures are down $1.80 to $2.50 per cwt. Friday’s weaker cash emboldened traders to follow chart sell signals. Beef prices are higher this morning on routine movement.

·         Feeder cattle are down 65 cents for April, but down $2.70 to $3.00 for deferred contracts on weakness in the fat cattle market.

·         Lean hog futures are 25 to 35 cents weaker in the May and June contracts and 5 to 15 cents firmer in July and August. Product prices are modestly firmer this morning on slow movement.

 

All opinions expressed in this commentary are solely those of Water Street Advisory. This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. There is significant risk of loss involved in commodity futures and options trading and may not be suitable for all investors.

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Arlan Suderman | Senior Market Analyst
WATER STREET ADVISORY® | www.waterstreet.org
(316) 729-4599 | asuderman@waterstreet.org

Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK involved in trading futures and or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. This information is provided freely and is NOT in the capacity of a trading advisor. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. Information provided is not to be construed as an offer to sell or solicitation to buy any commodity or security named herein.

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